# kaal:claim:5454054-033

**Claim.** AML obligations for LER should be right-sized: zero-knowledge proofs or anonymized attestations should minimize identity collection for non-transferable rewards, with VASP-grade measures applied only where transferability exists.

**Type.** design  **Support.** argued

**Holds when.**

- non-transferable rewards versus transferable rewards
- GDPR privacy obligations apply

**Source quote.**

> LER should employ ZKPs or anonymized attestations to minimize identity collection for non-transferable rewards, applying VASP-grade measures only where transferability exists, balancing compliance with GDPR privacy obligations.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Right-Sized Anti-Money Laundering Measures, page 27

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Topics.** compliance, consensus-and-security, citation-and-knowledge

**Keywords.** aml, zero-knowledge-proofs, kyc, vasp, gdpr

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